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Pediatrix Announces Update to Colorado Billing Investigation

    FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 12, 2001--Pediatrix Medical Group, Inc., (NYSE:PDX) today announced that it has learned that the previously-disclosed criminal investigation into its billing practices for services reimbursed by the Colorado Medicaid program remains active. Pediatrix had not heard from officials in Colorado for more than one year.
    Following the unusual market activity in the Company's stock during this past week, the Company requested that its outside counsel contact Colorado state officials to determine the status of the investigation.
    Today, the Company was informed by its outside counsel that this investigation remains active.
    The Company remains confident that its billing practices are appropriate but there can be no assurance as to whether the Colorado investigation, or any other inquiries, will have a material adverse effect on its business, financial condition and results of operations.

    About Pediatrix

    Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 185 NICUs and through Obstetrix its perinatal physicians provide services in 16 markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 575 physicians in 27 states and Puerto Rico. Additional information is available on the Internet:

    Except for historical information, matters discussed in this release include forward-looking statements that involve risks and uncertainties including, but not limited to, business, financial and integration risks. In addition, Pediatrix details other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2000, filed with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or anticipated in the forward-looking statements.


    CONTACT:  Pediatrix Medical Group, Inc., Fort Lauderdale
              Bob Kneeley, 954/384-0175, x-5300
    SOURCE:  Pediatrix Medical Group, Inc.